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Bitcoin Wavers After Trump Says He's 'Not Planning' to Fire Fed Chair

2025-07-16 17:54:28

Bitcoin Wavers After Trump Says He's 'Not Planning' to Fire Fed Chair

Main Idea

The article discusses U.S. President Donald Trump's criticism of Federal Reserve Chair Jerome Powell, his consideration of firing Powell, and the potential implications for Bitcoin and the economy.

Key Points

1. Trump criticized Federal Reserve Chair Jerome Powell, calling his performance 'lousy,' but stated he has no immediate plans to fire him.

2. Market reactions included Bitcoin's price fluctuating, rising to $119,650, up 2% over the last day, amid Trump's comments.

3. Reports suggested Trump might fire Powell soon, with Trump even showing a draft firing letter to Republican lawmakers.

4. Trump's potential firing of Powell could be unprecedented and raise concerns about the Fed's independence, which some analysts believe could benefit Bitcoin as an alternative store of value.

5. The Fed has held its benchmark rate steady this year, awaiting the impact of Trump's tariffs on price pressures.

Description

Experts say that testing the Fed’s independence could be bad for stocks and bonds, but a boon for assets like Bitcoin.

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